Here is a chart showing a possible wave count for the Nifty from Otober 2008 when the lows were made. We may be in the fifth wave of the up move - the last wave. But, where will it end? The targets are shown on the right, with black lines and the label - wave 5.
Which target will be met? We do not know in advance. When the Nifty starts rolling over, and begins to make lower lows / lower highs (preferably at one of these levels), then the first indication will come that the fifth wave targets may have been met.
Your views are welcome.
Added soon after: I have set up a poll (see the right column). Please participate since it gives everyone an idea of current opinion. I will publish the results after the poll finishes on Saturday, 9 AM.